| CREOP

1130 E Woodward Heights is an existing apartment building located in Hazel Park, Michigan. The property consists of 16 units which are fully occupied, grossing nearly $16,000 per month. The units are a mix of one bedroom, one bath (eight units) and two bedroom, one bath (eight units). The building utilizes electric heat and a boiler for hot water. Tenants pay for electric (and heat), which is separately metered, while the landlord covers water and the cost to heat the boiler.

Offered at an attractive 7% CAP rate, this property combines strong returns with exceptional stability. The asset has maintained 100% occupancy since March, generating a consistent monthly rental income of $15,700 (excluding ancillary revenue). With a balanced 50/50 mix of market-rate and voucher-assisted tenants, the property boasts a seamless collection history and a reliable, on-time tenant base. The property has excellent recent capital improvements, including a relatively new hot water tank, and the roof, electrical system, and pavement were all replaced three years ago.
Strategic Location & Value-Add Potential: Woodward Heights is a diverse corridor seeing significant upward momentum. Directly across the street, new luxury developments are commanding premiums of $1,500+ per month, while a recently renovated comparable building nearby is achieving rents north of $1,250. Currently, this well-maintained asset generates $950 for one-bedrooms and $1,050 for two-bedrooms. These rates offer a stable foundation with immediate "mark-to-market" upside potential through targeted interior renovations.

Located at 1130 E Woodward Heights, this property is perfectly positioned to capitalize on Hazel Park’s rapid economic growth and the surging demand for quality workforce housing. The local market is anchored by the nearby Amazon Fulfillment Center, a massive employment hub that provides a deep and reliable tenant base just minutes from the front door. As the cost of homeownership continues to climb, renting in this corridor has become the primary choice for the local workforce, evidenced by the property’s 100% occupancy rate and seamless collection history. With a balanced 50/50 mix of market-rate and voucher tenants, the asset offers a recession-resistant income stream that is both stable and high-performing.